Join our daily newsletter At The Bell to receive exclusive market insights
- Minbos (MNB) and Angolan agribusiness Sociedade Agroquímica Industrial are teaming up to deliver NPK fertiliser to Angola
- The parties have signed a memorandum of understanding to create a plant in Angola’s Malanje region
- The Government of Angola has allocated a 20-hectare site in Malange for the NPK plant
- On the market this morning, Minbos Resources was up 5.56 per cent and is trading at 14.3 cents per share
Minbos (MNB) and Angolan agribusiness Sociedade Agroquímica Industrial have signed a memorandum of understanding (MoU).
The MoU is to create a nitrogen, phosphate, potassium (NPK) fertiliser blending plant and distribution business, which will be located in Angola’s Malanje region.
Sagrind supplies fertilisers, herbicides, pesticides and seeds for farmers in the Malanje growing corridor.
The agreement outlines the partnership of the two companies working together to build the NPK plant.
Under the deal, Sagrind will provide local agricultural management and knowledge, including its network, to fulfil administrative and legal aspects of the projects.
The Government of Angola has also allocated a 20-hectare site in Malange for the NPK plant.
Minbos CEO Lindsay Reed said he was very pleased with the agreement.
“The signing of this agreement with our new local partner paves the way for the company to ramp up its plans for delivering a locally produced NPK fertiliser and associated products within the Malanje growing corridor,” he said.
“Our plans for the region have again been supported by the Government who has allocated us a site for a proposed NPK plant.”
On the market this morning, Minbos Resources was up 5.56 per cent and is trading at 14.3 cents per share at 11:26 am AEST.
